Planet Fitness, Inc. (NYSE:PLNT) Sees Large Growth in Short Interest

Planet Fitness, Inc. (NYSE:PLNT) saw a significant growth in short interest in the month of February. As of February 28th, there was short interest totalling 5,760,000 shares, a growth of 36.2% from the February 13th total of 4,230,000 shares. Based on an average daily trading volume, of 1,450,000 shares, the days-to-cover ratio is presently 4.0 days. Currently, 7.2% of the shares of the company are short sold.

Planet Fitness Stock Up 3.1 %

Planet Fitness stock traded up $2.98 during mid-day trading on Monday, reaching $98.49. 1,447,279 shares of the company’s stock traded hands, compared to its average volume of 1,473,417. The company has a market cap of $8.34 billion, a price-to-earnings ratio of 52.95, a PEG ratio of 2.45 and a beta of 1.54. The stock has a 50 day moving average of $101.01 and a two-hundred day moving average of $93.62. Planet Fitness has a 12-month low of $54.35 and a 12-month high of $110.00.

Planet Fitness (NYSE:PLNT) last released its quarterly earnings results on Tuesday, February 25th. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.08. The company had revenue of $340.50 million for the quarter, compared to the consensus estimate of $324.57 million. Planet Fitness had a net margin of 14.23% and a negative return on equity of 107.97%. Planet Fitness’s revenue was up 19.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.60 earnings per share. As a group, sell-side analysts forecast that Planet Fitness will post 2.51 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently issued reports on PLNT. Roth Mkm restated a “buy” rating and set a $115.00 target price (up from $110.00) on shares of Planet Fitness in a research report on Wednesday, February 26th. Canaccord Genuity Group assumed coverage on shares of Planet Fitness in a research report on Thursday. They set a “buy” rating and a $120.00 target price for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $120.00 price target on shares of Planet Fitness in a report on Monday, February 24th. Piper Sandler lifted their price target on shares of Planet Fitness from $115.00 to $123.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Planet Fitness from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Five analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $100.17.

Institutional Investors Weigh In On Planet Fitness

A number of hedge funds have recently bought and sold shares of PLNT. Crossmark Global Holdings Inc. raised its stake in Planet Fitness by 8.8% during the third quarter. Crossmark Global Holdings Inc. now owns 6,256 shares of the company’s stock valued at $508,000 after purchasing an additional 508 shares in the last quarter. KBC Group NV increased its position in Planet Fitness by 14.7% during the third quarter. KBC Group NV now owns 2,503 shares of the company’s stock valued at $203,000 after acquiring an additional 321 shares during the last quarter. ING Groep NV bought a new position in Planet Fitness during the third quarter valued at $1,568,000. Natixis Advisors LLC bought a new position in Planet Fitness during the third quarter valued at $855,000. Finally, Quest Partners LLC increased its position in Planet Fitness by 126.0% during the third quarter. Quest Partners LLC now owns 9,504 shares of the company’s stock valued at $772,000 after acquiring an additional 5,298 shares during the last quarter. Hedge funds and other institutional investors own 95.53% of the company’s stock.

About Planet Fitness

Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness brand. The company operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The company is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.